Las Vegas 2012 Real Estate Market Trends: REO/Bank Owned Inventory
Las Vegas real estate in 2012 will no doubt be a wild and wacky and an unpredictable market resulting in broken crystal balls as it has been for the last 5 years. This I am sure of. My 2012 Las Vegas real estate market trends predictions will depend on several factors:
- Steady interest rates
- Steady underwriting guidelines (LOL!)
- Current laws
- Current market conditions
Las Vegas REO/Bank Owned Inventory has declined over several years. I believe much of this has to do with extreme high buyer activity, larger amounts of short sale closings, perhaps (this one is purely speculative for me) trustee sale purchases for flip and for hold and then FINALLY the most recent major factor is AB 284.
My prediction for Las Vegas REO inventory in 2012 is that it will continue to dwindle unless AB 284 is repealed. This doesn't mean that our foreclosure mess is ending, it means it is just stalled and the recovery will drag on for longer than it would have lasted prior to implementation of AB 284.
Many are estimating that the foreclosure timeline process in NV has been moved from 6-8 months to 2-3 years due to this new law.
As always, time will only tell what will really happen when this is all done and over with.
(PS: Some months are blank because I did not report on those months in the past on a consistent basis.)
